Quantitative monetary policy and government debt management in Britain since 1919

2012 ◽  
Vol 28 (4) ◽  
pp. 804-836 ◽  
Author(s):  
W. A. Allen
Keyword(s):  
Monetary Policy ◽  
Government Debt ◽  
Debt Management

scholarly journals The ties that bind: monetary policy and government debt management

2013 ◽  
Vol 29 (3) ◽  
pp. 548-581 ◽  
Author(s):  
J. S. Chadha ◽  
P. Turner ◽  
F. Zampolli
Keyword(s):  
Monetary Policy ◽  
Government Debt ◽  
Debt Management

scholarly journals Monetary Policy in the Post Keynesian Theoretical Framework

2017 ◽  
Vol 37 (1) ◽  
pp. 45-64
Author(s):  
FÁBIO HENRIQUE BITTES TERRA ◽  
PHILIP ARESTIS
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Inflation Targeting ◽  
Debt Management ◽  
Policy Framework ◽  
Original Writings ◽  
Policy Model ◽  
Original Contribution ◽  
The Interest Rate ◽  
Monetary Policy Framework

ABSTRACT The purpose of this contribution is to develop a Post Keynesian monetary policy model, presenting its goals, tools, and channels. The original contribution this paper develops, following (Keynes’s 1936, 1945) proposals, is the use of debt management as an instrument of monetary policy, along with the interest rate and regulation. Moreover, this paper draws its monetary policy model by broadly and strongly relying on Keynes’s original writings. A monetary policy model erected upon this basis relates itself directly to the Post Keynesian efforts to offer a monetary policy framework substantially different from the Inflation Targeting Regime of the New Macroeconomic Consensus.

Quantitative Easing and the Independence of the Bank of England

2017 ◽  
Vol 241 ◽  
pp. R65-R69 ◽  
Author(s):  
William A. Allen
Keyword(s):  
Monetary Policy ◽  
Balance Sheet ◽  
Debt Management ◽  
Quantitative Easing ◽  
Bank Of England

This paper argues that the Bank of England's independence in monetary policy has been compromised as a result of quantitative easing (QE) and makes practical suggestions for restoring it as far as possible, by transferring the gilts that the Bank has bought to the Debt Management Office of the Treasury and thereby shrinking the Bank's balance sheet. The paper discusses the problems that will arise when QE is unwound and suggests that they would be less intractable if the unwinding were managed by the Debt Management Office.

scholarly journals Debt finance as a public phenomenon: conceptual basics and prospects of democratization

2019 ◽  
pp. 35-50
Author(s):  
Olha Kyrylenko ◽  
Andrii Derlytsia
Keyword(s):  
Public Finance ◽  
Public Debt ◽  
Institutional Environment ◽  
Government Debt ◽  
Debt Management ◽  
Budget Process ◽  
Budget Deficits ◽  
The Public ◽  
Debt Finance ◽  
The Individual

Introduction. Issues of budget deficits, public credit and debt form the sphere of debt finance – a model established in a particular country for ensuring the balance of the budget, the organization of government borrowings, the system of public debt management in order to influence the development of the economy and the functioning of public finance. Methods. The methods of abstraction, comparison, institutional analysis and idealization have been used. Results. The study draws attention to the microeconomic fundamentals of debt finance, considering them through the prism of the individual interests. It has been found out that the developed Western countries are characterized by the public nature of debt finances as a result of the evolutionary democratization of public debt – the accessibility of government debt operations to the general public. It is revealed that due to a number of institutional restrictions, the democratization of this sphere in Ukraine has not been fully implemented yet. It is proved that the public debt manifests the same power as pure public goods: the indivisibility in consumption and the impossibility to exclude from the debt burden, which enable its study as public bads. The key features that determine the social nature of debt finance in developed democratic countries are revealed. It is proved that the determinants of debt finance are both economic and political and institutional imbalances, not only in the area of public finance, but also at the level of economic entities. The key components of the institutional environment of the functioning of debt finance are considered: political decision- making mechanisms, procedures of the budget process, the institutional organization of the financial market. It is argued that one of the key shortcomings of the domestic practice of servicing domestic public debt is the insignificant share of debt owned by citizens. Conclusions. The disadvantages and obstacles of democratization of the model of borrowing in Ukraine are studied in the paper. A promising mechanism of financial inclusion of the population in transactions with government debt is proposed.

scholarly journals The ECB's conundrum and 21st century monetary policy: How European monetary policy can be green, social and democratic

2021 ◽  
Author(s):  
Jens van 't Klooster
Keyword(s):  
Climate Change ◽  
Monetary Policy ◽  
21St Century ◽  
Political Institutions ◽  
Government Debt ◽  
European Monetary ◽  
European Monetary Policy

The ECB’s mandate was drafted 30 years ago and focuses narrowly on preventing inflation. As a consequences, the ECB lacks clear democratic guidance concerning the challenges it faces today: how to deal with government debt and what to do to fight climate change. This lack of guidance undermines the legitimacy of its choices and the effectiveness of its programmes. The EU’s political institutions can solve the ECB’s conundrum by providing it with renewed democratic authorisation.

Government Debt Management and Inflation with Real and Nominal Bonds

2021 ◽  
Author(s):  
Lukas Schmid ◽  
Vytautas Valaitis ◽  
Alessandro Tenzin Villa
Keyword(s):  
Government Debt ◽  
Debt Management
Sign in / Sign up

Export Citation Format

Share Document